Professional Firms Poll

Welcome to the first edition of our professional firms poll. We’re looking for quick responses to topical questions impacting the sector which we can then share with you.

If you have any suggestions for future poll questions please do share them with us. The results of this poll will be published shortly after the closing date.

Question Title

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Respondent details (optional)

Name

Position

Firm

Question Title

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Q1. This poll will cover wider issues facing professional firms but we may occasionally tailor this to various sub sectors. Therefore, please confirm which one of the following you are:

Lawyer

Accountant

Architect

Recruitment Consultant

Surveyor

Other (please specify)

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Q2. Given the volatility of the political and economic environment and the ongoing uncertainty surrounding Brexit, what do you believe the outlook is for the next 12 months?

Positive

Negative

No change / undecided

Please explain why you've chosen positive, negative or undecided.

e.g. Have you successfully moved into new markets, or are looking to reduce your dependence on your traditional market? Have you abandoned plans that were put in place before Brexit? Have you seen clients reluctant to press ahead with work? Is it too early to know what the ramifications of Brexit will be and therefore you have felt little impact on your business?

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Q3. What do you see as the biggest challenges facing your firm?

Technological advancement (Data Analytics / Artificial Intelligence)

Cashflow / lockup

Increasing competition in the sector you operate

Clients demanding more and yet at the same time, wanting a reduced fee

General Data Protection Regulation (GDPR)

Excessive regulation

Other (please specify)

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Q4. What areas of your business are you looking to change / implement to facilitate growth in your company?

Acquisition of smaller competitors in your sector

Organic growth – in the UK or International

Lateral hires of key staff / internal promotions

A review of your pricing structure

Other (please provide comments)

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Q5. What role do you see disruptive technologies having on your fee earning capability or internal reporting functions in the next two / three years? Do you see this as being a key differentiator from your competitors and gaining you an advantage in the market place?

Absolutely, this is key and we are investing heavily in this area.

We are aware and have taken tentative steps on the subject but are still unsure how crucial this will be to our ongoing success.

We do not envisage this having any impact on our work and have decided against investing in this area.

Any comments?

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Q6. Professional firms rely heavily on successful staff retention. However, it is becoming the norm for individuals to seek new challenges by changing jobs more frequently. What steps are you taking to reduce staff turnover?